London house prices are so high, more millennials are saving up for a holiday than a house

I am a journalist for City A.M. reporting on the energy and mining sectors. I also keep an eye on the pharmaceuticals sector and cryptocurrencies. Email: courtney.goldsmith@cityam.com

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Millennials just wanna have fun (Source: Getty)

Courtney Goldsmith

It turns out London's millennials have had enough of the City's housing market - now they're more likely to be saving for a holiday than a deposit or a mortgage.

Twenty and thirty-somethings across the UK have been dubbed the "vacation generation", as 33 per cent said they are saving for a holiday while 31 per cent are saving for a deposit on a house, new YouGov research commissioned by financial planning platform Finimize suggests.

Max Rofagha, founder of Finimize, said while 88 per cent of millennials are saving, the preference for splashing out on a holiday is unsurprising.

"Buying a home, particularly in London, has become so expensive that it's unattainable to most millennials - so it's unsurprising that over a third of millennials have given up on the prospect of owning property and have chosen to travel instead."